Bitcoin and Ethereum are being hammered on rumours China will shut local exchanges

Having previously worked at Property Week and Management Today, my areas of expertise are housing, entrepreneurs and leadership, as well as cars and the automotive industry. In 2015 I won the British Media Awards' Rising Star of the Year award.

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Bitcoin has had a rollercoaster ride this week. (Source: Getty)

Emma Haslett

There was more bitcoin drama this afternoon, after the cryptocurrency slid more than seven per cent on rumours China is planning to shut local exchanges.

Bitcoin slid as low as $4,241 in afternoon trading in the UK, while Ethereum was also hit, falling to $294.

The news followed rumours in Chinese media that the government is planning to shut down local cryptocurrency exchanges.

"The digital currency universe has swollen in size in just 12 months from $12bn to near $180bn and many, including the fabled celebrity-class, have profiteered at the expense of their doting fanbases who haven’t a clue what they are buying into," he said.

"ICOs are an ugly offshoot of the wider digital currency universe, presently in the midst of a massive speculative bubble. Deliberately over hyped by a nexus of extremely effective marketing, these assets are driving a neo-penny stock scam in the form of so-called 'digital currency'.

"Disappointingly, thus far we have heard nothing from the FCA on these con artists. If someone there is reading this, I entreat you to ban ICOs on our shores this instant."